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Technical Alert

MIAX Pearl Equities

July 29, 2022 | 04:31 PM

MIAX Pearl Equities - August 1, 2022 Fee Changes

Effective August 1, 2022, pending filing with the SEC, MIAX Pearl Equities will change fees by: 1) introducing a new Step-Up tier incentive; 2) adjusting the Market Quality Tier 2 rate; and 3) implementing a minimum monthly adding liquidity requirement for existing Remove Volume tiers.

  1. Step-Up Tier: MIAX Pearl Equities will introduce a new Step-Up rebate of ($0.0031) for a Displayed Order that Adds Liquidity for securities with a price of $1 and greater across all Tapes
    1. To be eligible, Members must increase their average daily added volume (ADAV) by at least 0.03% as measured as a percentage of total industry consolidated volume (TCV) as measured by the current month compared to their July 2022 activity, which will serve as the baseline month
    2. ADAV is determined by a Member’s Volume that Added Liquidity (as a Displayed, Non-Displayed, or Retail Order), inclusive of sub-dollar executions calculated on a monthly basis
  2. Market Quality Tiers: MIAX Pearl Equities will increase the rebate for Market Quality Tier 2 to ($0.0035) from ($0.0034) for an Adding Liquidity Displayed Order for securities with a price of $1 and greater across all Tapes. The current threshold will remain the same 
  3. Minimum adding liquidity requirement for Remove Volume tiers: MIAX Pearl Equities will implement a minimum adding liquidity requirement of 1,000 shares per month in addition to the current average daily volume (ADV) as a percent of TCV requirements to qualify for the Remove Volume tiers. ADV is calculated as the number of shares added or removed, combined per day and calculated on a monthly basis
All fees and rebates referenced in this alert apply to securities priced at or above $1.

For full details, please review the August 1, 2022 MIAX Pearl Equities Fee Schedule when posted on the MIAX website at miaxoptions.com/fees/pearl-equities.

To learn more about Pearl Equities please contact Sales@MIAXEquities.com, (609) 897-8177 or visit MIAXEquities.com.

For further information or to arrange testing, please contact MIAX Trading Operations at TradingOperations@MIAXEquities.com or (609) 897-7302.